PMI Ventures Ltd. (the “Company”) [TSX Venture:PMV], is pleased to announce results of the first of 8 to 10 diamond drill holes (1,050 metres in total) that comprise the first phase of the 2003 drill program on the package of exploration concessions and applications covering an area of some 400 sq km along a length of 50 km of the axis of the Asankrangwa Gold Belt in southwestern Ghana. The current drill program has been designed to follow up on targets defined in earlier shallow RC drilling.

Drill hole 03FBDDH-1 was drilled in the Fromenda Grid “B” area to a total length of 86 metres (282 feet) at -45° using HQ drill string. The hole intersected a mineralized section of 30.0 metres (approximately true width) as shown in Table I. The mineralized intercept is located at a depth of about 20 metres below surface. Mineralization is characterized by highly altered and oxidized greywacke crosscut by sheared quartz stringers. Follow up drilling to test both strike extensions of the mineralized zone and down dip extension of the zone is now in progress.

Bottle roll testing of representative samples of the mineralized zone will be completed to test the leachability of the mineralized material for a possible heap leach operation.

Results of this first drill intersection of the Fromenda Grid “B” mineralized zone are considered to be very satisfactory since the grade and thickness of the zone as defined by the current diamond drill program are both better by approximately 40% than results obtained in earlier rotary percussion drilling undertaken in 1999 by TriStar Gold Corp. in the same area in an extensive program of shallow RC drilling

Results of the ongoing drill program will be released as received over the next two to three weeks. Douglas R. MacQuarrie, P.Geo. (B.C.), the VP of Exploration for the Company and Goknet Mining Company Limited, supervised and directed all work associated with the drilling program. All sample analyses were conducted at SGS Laboratory Services Ghana Limited in Tarkwa utilizing industry standard 50g fire assay and screened metallics fire assay techniques, with atomic absorption finish.

PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in these exploration concessions and applications. Goknets' interests vary from 85% to 100%, subject to a 10% non-participating interest in favour of the Government of Ghana.

On behalf of the Board,

“Arthur T. Fisher”

Arthur T. Fisher
President

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